The Fund's position in Forest City Common (FCY) was eliminated after its stock price nearly doubled since Third Avenue filed a 13D in October 2011. We were pleased that management delivered on several of the requests we made in our 13D filing, including divesting non-core assets, improving transparency and reducing debt. Given the resultant terrific stock price appreciation, Fund Management elected to sell and re-allocate the proceeds to the new opportunities discussed below. At quarter end, cash accounted for about 12% of the Fund's net assets.

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